Coinmarketcap gives information that on the 21st of May Bitcoin was above 2100$, and reached the peak of 2142,15$. The marketcap of Bitcoin reached 25 billion US dollars.
Adam Davis from Altus Consulting said in CNBC interview, that bitcoin may reach 3000$ by the end of 2017. The experts think of three reasons which help the cryptocurrency growth:
- Global Demand
While there is a geopolitical instability, the investors are looking for a safe heaven. Political crisis in Brazil and public disasters in USA caused the USD fall, and investors switched to cryptocurrencies as more safe instrument.
Also the price impulse is formed by the demand for other cryptocurrencies as litecoin, lumen etc. To buy them you can use USD or Bitcoin, and the second variant is much easier. So more and more people buy bitcoins to invest in more exotic cryptocurrencies.
- Japan and China
In April Japan named Bitcoin a legal means of payment (exchange currency). And investors started exchanging Japanese Yen to Bitcoin.
Chinese government are making the more comfortable conditions for Bitcoin market. Experts see less difference in prices for Bitcoin between American and Chinese markets. It means that the investment in Bitcoin in China is less risky.
As we know, bitcoin is very liable to influence of frenzy. After the fall of a currency in mass media starts the boom, what bring investors to cryptocurrencies and make s a cycle.
This week in New York will be the Consensus conference, which is dedicated to Bitcoin and Blockchain technology. The fact that such big companies as IBM (NYSE: International Business Machines [IBM]) and Microsoft (NASDAQ: Microsoft Corporation [MSFT]) will participate in this conference is strengthening the boom among investors.